Friday, August 21, 2009

Saxon Mortgage Approves Short Sale in Santa Rosa Beach FL

This is not your average approval for a short sale property in Santa Rosa Beach Florida from Saxon Mortgage. The junior lien, Citi Mortgage is owed about $99,000 and requested $24,000 to release their security interest.

"Ha!" You laugh, "$24,000?" That is insane! But Saxon Mortgage agrees to pay Citi 10% of their outstanding balance, or $9,946. Of not happy note, is the statement that any extensions beyond the approved closing date will result in 1% commission cut. That is fascinating, as I will try to prevent hurricanes or other acts of G-d that might delay a closing!